NYS Economy Adds 16,100 Private Sector Jobs in January 2015, Reaches Record High of 7.73 Million

In January 2015, New York State’s private sector job count increased by 16,100, or 0.2 percent, to 7,733,100, reaching a new all-time high. Since the beginning of Governor Andrew M. Cuomo’s administration, the state’s economy has added 622,800 private sector jobs and experienced employment growth in 43 of the past 49 months.

The statewide unemployment rate in New York was unchanged at 5.8% in January 2015, remaining at its lowest level since September 2008, according to preliminary figures released today by the New York State Department of Labor. In addition, New York City’s unemployment rate was unchanged at 6.5%, remaining at its lowest level since October 2008.

The state’s private sector job count is based on a payroll survey of 18,000 New York employers conducted by the U.S. Department of Labor’s Bureau of Labor Statistics. Monthly payroll employment estimates are preliminary and subject to revision as more data becomes available the following month. The federal government calculates New York’s unemployment rate partly based upon the results of the Current Population Survey, which contacts approximately 3,100 households in New York State each month.

“In January 2015, New York State’s economy continued to advance, reaching an all-time high private sector job count of more than 7.73 million. In addition, our state unemployment rate remained at its lowest level in more than six years,” said Bohdan M. Wynnyk, Deputy Director of the Division of Research and Statistics.

Note: Seasonally adjusted data are used to provide the most valid month-to-month comparison. Non-seasonally adjusted data are valuable in year-to-year comparisons of the same month; for example, January 2014 versus January 2015.

Jobs data are revised at the end of each year for all states and the nation as more complete information becomes available from employers’ Unemployment Insurance records. This process is called “benchmarking” and is federally mandated.

As a result of annual benchmarking revisions, the number of private sector jobs added during the Cuomo administration through December 2014 increased from 535,600 to 606,700, a gain of 71,100. This increase over initial estimates was due primarily to larger employment gains in these private sector industries: construction, education and health, leisure and hospitality and finance. For more details, see: Annual Benchmark Analysis (opens in new window).

Labor force data, including unemployment rates, are also revised at the end of each year, using methods established by the U. S. Bureau of Labor Statistics. The revised labor force data show that New York State’s annual average unemployment rate fell from 7.7% in 2013 to 6.3% in 2014.

1) Jobs data (seasonally adjusted):

U.S. and New York State, December 2014 - January 2015

The table below compares the over-the-month change in total nonfarm and private sector jobs in the United States and New York State in December 2014-January 2015.

Change in Total Nonfarm and Private Sector Jobs,December 2014 – January 2015

Change in
Total Nonfarm Jobs:
(private sector + government)

Change in
Private Sector Jobs:

Net

%

Net

%

United States

+257,000

+0.2%

+267,000

+0.2%

New York State

+10,000

+0.1%

+16,100

+0.2%

2) Unemployment rates (seasonally adjusted):

The state’s unemployment rate is calculated by the U.S. Bureau of Labor Statistics, using a statistical regression model that primarily uses the results of the Current Population Survey, which contacts approximately 3,100 households in New York State each month. The statewide unemployment rate remained unchanged at 5.8% in January 2015. The number of unemployed New Yorkers was also unchanged in January 2015 – remaining at 554,900.

Unemployment Rates (%)*

*Data are preliminary and subject to change, based on standard procedures outlined by the U.S. Bureau of Labor Statistics.

January 2015*

December 2014

January 2014

United States

5.7

5.6

6.6

New York State

5.8

5.8

6.8

New York City

6.5

6.5

8.0

NYS, outside NYC

5.2

5.3

6.0

3) Jobs data (not seasonally adjusted):

U.S., New York State and Metro Areas: January 2014 - January 2015

The table that follows compares the over-the-year change in total nonfarm and private sector jobs that occurred in the United States, New York State and metro areas within the state between January 2014 and January 2015.

Change in Total Nonfarm and Private Sector Jobs, January 2014 – January 2015

Change in
Total Nonfarm Jobs:
(private sector + government)

Change in
Private Sector Jobs:

Net

%

Net

%

United States

+3,212,000

+2.4%

+3,139,000

+2.8%

New York State

+156,800

+1.8%

+150,800

+2.0%

Albany-Schenectady-Troy

+9,300

+2.1%

+8,300

+2.4%

Binghamton

+1,000

+1.0%

+600

+0.8%

Buffalo-Niagara Falls

+6,200

+1.2%

+6,200

+1.4%

Dutchess-Putnam

+700

+0.5%

+900

+0.8%

Elmira

+600

+1.6%

+700

+2.2%

Glens Falls

+600

+1.2%

+700

+1.7%

Ithaca

+1,400

+2.1%

+1,800

+3.2%

Kingston

+1,000

+1.7%

+800

+1.8%

Nassau-Suffolk

+14,700

+1.2%

+12,800

+1.2%

New York City

+115,600

+2.9%

+112,300

+3.3%

Orange-Rockland-Westchester

+8,600

+1.3%

+8,600

+1.5%

Rochester

+4,700

+0.9%

+5,000

+1.2%

Syracuse

+2,400

+0.8%

+2,400

+0.9%

Utica-Rome

+1,200

+1.0%

+1,300

+1.4%

Watertown-Fort Drum

-100

-0.2%

-200

-0.7%

Non-metro Counties

+1,600

+0.3%

+500

+0.1%

Job highlights since January 2014:

Over the past year, private sector jobs grew most rapidly in these metro areas:

New York City (+3.3%)

Ithaca (+3.2%)

Albany-Schenectady-Troy (+2.4%)

Elmira (+2.2%)

Kingston (+1.8%)

Glens Falls (+1.7%)

Orange-Rockland-Westchester (+1.5%)

Watertown Fort-Drum (-0.7%) was the only metro area in the state to experience a decline in private sector jobs between January 2014 and January 2015.

4) Jobs data (not seasonally adjusted):

Change in jobs by major industry sector, January 2014 – January 2015

The table below compares the over-the-year change in jobs by major industry sector in New York State occurring between January 2014 and January 2015.

Change in Jobs by Major Industry Sector,
January 2014 - January 2015

*Educational and health services is in the private sector.
Government includes public education and public health services.

Sectors With Job Gains:

Educational & Health Services*

+56,500

Trade, Transportation & Utilities

+26,100

Professional & Business Services

+25,600

Construction

+13,100

Leisure & Hospitality

+12,400

Other Services

+12,100

Financial Activities

+8,000

Government*

+6,000

Information

+2,500

Sectors With Job Losses:

Manufacturing

-5,400

Natural Resources & Mining

-100

Highlights among NYS sectors with job gains since January 2014:

Private educational and health services added the most jobs (+56,500) of any major industry sector over the past year. Over the past year, sector job gains were mostly in health care and social assistance (+43,400), especially ambulatory health care services (+25,400).

Trade, transportation and utilities had the second largest increase in jobs (+26,100) between January 2014 and January 2015. Sector employment gains were centered in retail trade (+17,600) and transportation, warehousing and utilities (+5,700).

The third largest employment increase over the past year was registered in professional and business services (+25,600), with most sector gains in professional, scientific and technical services (+20,700), especially computer systems design (+7,200).

Highlights among NYS sectors with job losses since January 2014:

Over the past 12 months, manufacturing lost more jobs (-5,400) than any other major industry sector in the state. Sector losses were split between nondurable goods (-2,800) and durable goods (-2,600).

Natural resources and mining also lost jobs (-100) over the past year.

5) Regular Unemployment Insurance (UI):

For New York State, during the week that included January 12, 2015, there were 174,721 people (including 162,040 who live in the state) who received benefits under the regular Unemployment Insurance (UI) program.

New York State residents who received Unemployment Insurance benefits made up 29% of the total unemployed in the state in January 2015.

Note: The responsibility for the production of monthly estimates of state and metro area nonfarm employment by industry moved from the Division of Research and Statistics to the U.S. Bureau of Labor Statistics (BLS), starting with the March 2011 estimates. More detailed information on the change is available on the BLS web site.

Many economic data series have a seasonal pattern, which means they tend to occur at the same time each year (e.g., retail jobs usually increase in December). Seasonal adjustment is the process of removing seasonal effects from a data series. This is done to simplify the data so that they may be more easily interpreted and help to reveal true underlying trends. Seasonal adjustment permits comparisons of data from one month to data from any other month.

Labor force statistics, including the unemployment rate, for New York and every other state are based on statistical regression models specified by the U. S. Bureau of Labor Statistics. In New York State, payroll jobs data by industry come from a monthly survey of 18,000 business establishments. Jobs data by industry do not include agricultural workers, the self-employed, unpaid family workers or domestic workers in private households.